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Flagstaff Department Store had net credit sales of $13,000,000 and cost of goods sold of $10,000,000 for the year. The average inventory for the year amounted to $2,500,000.
The average days in inventory during the year was approximately:
a. 183 days.
b. 122 days.
c. 91 days.
d. 52 days.
Suppose the two firms act as perfect competitors and try to out compete each other and do not collude, what would be the optimal industry price and output?
How do the requirements originally established by SFAS N. 157 affect the use of fair value measurement in financial statements?
Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years.
Elizabeth's property had an adjusted basis of $9000 and a fair market value of $10,500, and Elizabeth gave Debbie $4500 in cash. Determine Debbie's and Elizabeth's realized gain of loss, recognized gain or loss and the basis in their new property.
Pizza Restaurant has the following revenue and Cost Functions: Find out break-even output. Find out quantity.
An individual actually earned a 4% nominal return last year. Prices went up by 3% over the year. Given that the investment income was subject to a federal tax rate of 28% and a state, and local tax rate of 6%
O'Bria Service Company purchased a copier on January 1, 2012, for $17,000 and paid an additional $200 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies.
A fire totally destroyed office equipment and furniture which Monica uses in her business. The equipment had an adjusted basis of $15,000 and a FMV of $10,000 before the fire.
During the year, Samuels Company reported net income of $300,000, including amortization of intangible assets of $66,000, depreciation of plant assets of $132,000, and amortization of premium on investment in bonds of $20,000. Applying the indirec..
Ingram Co. manufactures office furniture. During the most productive month of the year, 3,500 desks were manufactured at a total cost of $84,400. In its slowest month, the company made 1,100 desks at a cost of $46,000.
Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $125,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?
Spectre Chemicals produces Zaloff in a two department process. Information on the two departments for March and April, 2011 are as follows
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